Glanbia Reports Strong 2016 Half Year Performance
Glanbia today (17 August) published its half year results for the six months ended 2 July 2016, showing an earnings per share growth of 10.8% (constant currency adjusted).
The report put the group’s earnings before interest, taxes, and amortization (EBITA) on wholly owned business at €157.4 million, an increase of 13.7% on the prior half year, constant currency.
Noteworthy in the report was the continued growth of Glanbia Performance Nutrition, which saw a 35% increase on a constant currency basis in its EBITA, to €81.7 million.
Other segments of the group saw more modest changes. Glanbia Nutritionals delivered an EBITA of €58 million, a constant currency decrease of 4% on the prior half year. Dairy Ireland delivered an EBITA of €17.7 million, a 1.1% increase, constant currency.
Altogether, EBITA margins from wholly owned business rose 1.3% on prior half year, constant currency. Commenting today, Siobhán Talbot, Group Managing Director, said, "Glanbia delivered a strong performance in the first six months of 2016 driven by Glanbia Performance Nutrition. Total Group earnings before interest, tax and amortisation for the half year grew by over 11%.
"Sales of performance nutrition brands and value-added nutritional ingredients showed good growth in the first half of 2016 delivering on our vision to be a leading nutrition business."
Siobhán also remarked that even though dairy markets remain weak, the group is optimistic, "The diversity of the Glanbia portfolio has enabled us to navigate this and we reiterate guidance for the full year of adjusted earnings per share growth of 8% to 10% on a constant currency basis."
The report recognised certain macroeconomic uncertainties as risk factors as well, but reiterated the board’s guidance of 8% to 10% constant currency adjusted earnings per share growth in 2016.
Glanbia is recommending an interim dividend of 5.37 cent per share, an increase of 10% on the prior year interim dividend.
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